Herman Daly: "Toward an Ecological Economics”
The Great Simplification with Nate Hagens
00:00
Ecological Economics - What I Learned From You 20 Years Ago
We live in an energy and materials economy, not a monetary economy. The damages to nature are not included in the prices of things we pay for. That is called an externality. And that's where these externalities come from. They used to be maybe negligible,. but now they occupy center stage and have to betake into account. If if new classical economics has to consider the capacity of the biosphere to support life as anexternality, something outside of its theory, while it's destroying that capacityh is really past time to change the theory to take into account.
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